Upgrade from a trust-based pension

Upgrade to a modern master trust pension that could reduce the costs and the risks associated with running a pension
Book a call

The last few years have seen huge changes in the workplace pension marketplace

Single employer own trust pension schemes are moving to master trusts at the highest rates ever seen, a move that is being partially driven by the legislation affecting pension schemes with assets under £100m.

The value for money (VFM) requirement for occupational schemes with assets of less than £100m requires them to compare costs, charges and investment returns against three other schemes. This is driving change in the market because it serves to highlight to scheme sponsors the economies of scale that master trusts can provide.

Is it time to move a single employer, own trust pension scheme to a master trust?

Ask yourself three questions:


Could the scheme stand up to the value-for-money test compared to three other larger pension providers?


Is the scheme excluded from the legislation affecting pension schemes with assets under £100m?


Is the pension administration quick and easy to run each month?

If you answered no to any of those, it may be time to review the scheme and see if switching to Smart Pension will save your client money and deliver a better service for their members.

Speak to us today

Give your client’s employees access to modern features

A digital platform

Our award-winning platform is designed to make it easy for members to access their account in real-time through the app or website.

Digital retirement solution

Access to an innovative retirement dashboard, Smart Retire, making it simple for users to manage their money in the lead up to and during retirement.

Financial wellbeing for members

Meaningful financial support is provided for all members because it's important to us that they feel comfortable with their money.

Smart Rewards for members

A free benefit for members – over 1,400 rewards, helping members to save up to £600 in discounts at major retailers.

Bringing pensions together

Members can see all their retirement savings in one place, by adding all their different pensions to our retirement dashboard tool.

AI customer service agent, SAVA

Our interactive avatar, SAVA, capable of responding to human questions in real-time across all devices, has joined Smart Pension to provide customer support 24/7, 365 days a year.

Frequently asked questions

What is a trust-based pension?

This is a scheme overseen by a group of trustees. It may be a trust-based scheme operating as a Defined Contribution (DC) workplace pension scheme or a Defined Benefit (DB) plan.

Why do companies move away from a trust-based pension?

In our experience, companies usually transfer from their own trust-based pension over to Smart Pension due to cost. After reviewing the costs of paying for their own trustees, governance, scheme administration and investment strategy, companies tend to conclude that moving to a master trust pension provider is far more cost-effective.

Simple economies of scale mean that if a smaller trust-based pension scheme switches to a larger pension scheme, the costs of running the pension (including administration, investment and governance) are much less because they are shared amongst participating employers.

Awards and achievements

Talk to us now

Book a call with us today to discuss joining over 70,000 UK employers who are already using Smart Pension and helping more than a million individuals save for retirement.

Book a call